SBP’s reserves continue to fall, amount to $15.9b

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 0.104% on a weekly basis, according to data released on Thursday.

On May 12, the foreign currency reserves held by the central bank were recorded at $15,895.9 million, decreasing $16.6 million or 0.104%, compared to $15,912.5 million in the previous week, according to the central bank. Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $20,678.6 million. Net reserves held by banks amounted to $4,782.7 million.

Last week, the decrease in reserves was attributed to external debt servicing. A month ago, the SBP received multilateral inflows of $317 million and made payments of $118 million on account of external debt servicing and other official payments.